JPEG’d confirms return of 5,495 ETH from Curve hacker


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Nonfungible token finance (NFT-Fi) protocol JPEG’d has confirmed that 5,495 Ether (ETH), price roughly $10 million at present costs, has been returned by the Curve Finance hacker.

In trade for returning the funds that had been stolen on July 30, the hacker obtained a 610.6 ETH ($1.1 million) bounty.

JPEG’d is a decentralized lending protocol that permits customers to borrow funds in opposition to their collateralized NFTs. As a part of the foremost hack on Curve Finance, the protocol misplaced $11.6 million price of crypto.

In an Aug. 4, X (Twitter) thread, the staff acknowledged that the funds have been returned to the JPEG’d decentralized autonomous group multisig pockets tackle.

“Any additional investigations or authorized issues in opposition to the entity will finish. We view this incidence as a white-hat rescue,” the JPEG’d staff acknowledged.

The decentralized finance (DeFi) ecosystem copped a significant hit in late July, after a number of liquidity pools on Curve Finance had been drained.

The hacker managed to take advantage of a safety vulnerability within the Vyper good contract programming language that these explicit swimming pools had been coded with, and the whole losses had been estimated to be round $70 million price of crypto.

The exploit impacted tasks comparable to decentralized trade Ellipsis, lending platform Alchemix, JPEG’d and artificial protocol Metronome, which all noticed tens of millions of {dollars} price of property stolen from liquidity swimming pools, whereas Curve Finance additionally misplaced round $22 million price of Curve DAO (CRV) tokens.

Associated: CRV exposure risk throws a curveball at the DeFi ecosystem: Finance Redefined

On Aug. 3, Curve, Metronome and Alchemix collectively introduced an initiative to retrieve the stolen funds, providing the hacker a ten% bounty and no authorized motion in the event that they returned the opposite 90% of the funds.

In lower than 24 hours, the hacker seemingly agreed to the deal, and has progressively began returning the stolen funds to the varied tasks.

Aside from JPEG’d, they’ve thus far returned 4,820.55 Alchemix ETH (alETH), price roughly $8.8 million to the Alchemix Finance staff, and 1 ETH ($1,829) to the Curve Finance staff.

Journal: Deposit risk: What do crypto exchanges really do with your money?